There has been a significant shift in various aspects of society in recent years. However, there is still some gender disparity, like in life insurance coverage. Historically, men have been more likely to be insured than women, but in recent years, that’s changed. Let’s explore why it is becoming more vital that women have life insurance.
The Historical Gender Gap: Why Women Weren’t Sold Life Insurance
The historical trend of men being better insured than women can be traced back to several interconnected factors, such as societal norms, traditional gender roles, and historical perspectives on financial responsibilities. However, society has changed significantly in the last thirty years, with many women moving into the workforce and some becoming the family’s primary breadwinners. And yet, women still need to catch up in life insurance coverage, with only about 49% having coverage.
The Rising Trend of Women Buying Life Insurance
Changing Roles and Responsibilities:
One of the key reasons why women are now considering buying life insurance is the significant shift in gender roles and responsibilities. Modern women comprise about 48% of the workforce, pursuing successful careers and contributing significantly to their families’ financial well-being. As women take on more substantial roles in providing financially for their families, it becomes crucial to secure their financial future through life insurance.
Protecting Financial Independence:
The primary role life insurance plays as a part of your overall financial plan is to replace your income in the event of your premature death, but it also helps to protect your financial independence. Women, like men, have financial responsibilities such as mortgage payments, education expenses, and other debts. Life insurance ensures these financial obligations are met, even without the primary wage earner.
Caring for Dependents:
In addition to the financial role women play for their family, women often play a crucial role in caregiving, whether for children, elderly parents, or other family members. Still, they tend to undervalue how much of an impact caregiving has on the family’s life. It is estimated that the approximate value of childcare and housework is $184,000 a year. Life insurance can help fill this unaccounted-for gap, ensuring that dependents are financially supported without the primary caregiver.
Low-Cost Life Insurance Can Help You Find the Right Plan
In conclusion, the landscape of life insurance is evolving, and women are increasingly recognizing the importance of securing their financial future through life insurance. The historical gender gap in life insurance coverage is diminishing as societal norms shift and women take on more significant roles in various aspects of life. By embracing life insurance, women can protect their financial independence and their families’ financial future. At Low-Cost Life Insurance, we can help guide you to the right plan for you and your loved ones. Contact Us today to get started.
